Three. It’s the magic number. Think of the Three Musketeers. The Three Stooges. Charlie’s Angels. Groupings of three give resonance, balance and meaning. It represents the perfect balance of math and rhythm. And the “rule of three” in writing demonstrates that things that come in threes are more satisfying, effective, and funny.
What better way to share insights from the full analysis of our national 2017 Patient Payment Check-Up™ than in three magical highlights?
- The demand for estimates is growing. While 75 percent of providers can provide a cost estimate upon request, currently less than 25 percent of patients requested one on their last visit. However, half of respondents say they’ll ask for one in the future.
- Offering digital capabilities can help close key perception gaps around bill payment. Despite the fact that only 57 percent of providers think their patients are comfortable providing their email address, most patients are happy to do so. They also prefer to be billed electronically, yet 89 percent of providers still bill via mailed paper patient statements.
- Patients are fine with placing their credit card on file (CCOF) to pay for smaller balances. Most patients (78%) would provide their debit or credit card number to be charged one time up to $200 after claim adjudication if asked by their provider. Interestingly, even though providers believe this approach will improve collections, only 20 percent of providers currently offer CCOF.
Conducted by HIMSS Analytics, the survey of one thousand patients and more than 500 providers compares differing perceptions of providers who bill for healthcare, and patients who are increasingly responsible for a larger portion of their healthcare bill. The study focused on three significant patient payment and patient billing areas: cost estimates, bill payment, and revenue cycle preferences.
Our survey says there’s enormous opportunity for providers to deliver new and convenient billing options and meet the growing demands of their patients. Read the full report for more insight.